Still, over a dozen analysts increased price targets on the stock, and the overall sentiment remains upbeat.

And in one way it did, indeed, defy expectations: Its transaction margins improved in the fourth quarter, with yield rising three basis points year-over-year. Things have gotten a bit more upmarket for Square: 20 percent of revenue in Q4 came from merchants who have more than $500,000 in gross volume payment. Everyone seems to like this shift to bigger money.

But if Dorsey, also the CEO of Twitter, isn’t just throwing random thoughts around in the crypto space, Square may indeed be gunning for something much bigger. And it wouldn’t be the first lately to hint at something that could rival the biggest exchanges out there, such as Coinbase and Kraken.

If Square were to become a crypto exchange, it wouldn’t be competing just with Coinbase and Kraken. The Square hints actually follow another big story in the crypto exchange world this week:

Circle Internet Financial, a cryptocurrency start-up backed by Goldman Sachs, just announced it would acquire the Poloniex cryptocurrency exchange, threatening to rival the big players in this space.

Circle uses the blockchain for peer-to-peer payment services, but it also offers over-the-counter bitcoin trading. With the addition of Poloniex, the 14th largest exchange by 24-hour volume, we’re looking at something biggest enough to rival Coinbase.